Nigeria’s Crypto Market Stake Down by $300 million Naira

The crypto market is bearish at the moment and the downward trend still continues. However, the down slide of the market is taking a toll on investors in Nigeria. The West African country has the largest crypto market in Africa and the price tumble is beginning to affect crypto participation. The year 2017 marked a remarkable year in the crypto boom that spread to Africa and earlier this year, the growth of participants in bitcoin grew to an encouraging amount. However, Nigerians are faltering and cutting their losses in cryptocurrency as the market stake dropped to N1.09 billion as against N1.51 billion as at July this year.

Bitcoin is an attractive option to Nigerians considering the high inflation the country suffers and the instability of the Naira. However, bitcoin is losing the appeal it once held for Nigerians as it made almost N300 million fall difference between the end of July and mid-September. A lot of reasons have been postulated as to why Nigerians are pulling out of the market drastically. It is notable that the fear of a market crises is serving as a stimulant to the withdrawal. The withdrawal reaction to the crypto market is not peculiar to Nigeria alone as across the continent crypto investors are becoming sceptical of the market slump.

Although some crypto enthusiasts are optimistic about the rise of the market, figures prove differently. After celebrating a market stake of N1.7 billion in July, the market lost almost $40,000 as traders hurried out of the market. Bitcoin is not the only crypto affected by the bearish tendency as Ethereum is currently trading at $226.81 and Bitcoin Cash at $458.78. Despite the downward trend of the market, some crypto enthusiasts are hodling and not letting go.

What do you think about the reduction in the amount of crypto investors in Nigeria. Share your opinion with us in the comment section below.

Image credit: pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

5 Lies Frequently Told About Bitcoin and The Truth You Need to know

Since its creation in 2009, Bitcoin has gained a lot of popularity. However, with this popularity comes some “untruths” that some people or authorities spread. Gaius, in his recently published book, takes a look at 5 lies that are frequently told about Bitcoin.

1.Bitcoin is MMM: No, Bitcoin is not related to any Ponzi scheme. It is a digital currency and not a pyramid scheme where you rob Peter to pay Paul.

2. Bitcoin will make you rich instantly: this is a total lie. It took me 5 years to gain profit from my initial investment in Bitcoin. If you want to get rich instantaneously bitcoin isn’t for you.

3. To own Bitcoin, you must “buy at least one Whole Bitcoin”. This is not true as Bitcoins are divisible to eight decimal places, or 1/100 millionth of a bitcoin called satoshis. This means you can own bitcoin worth a thousand naira or even a hundred naira.

4. Bitcoins does not have any intrinsic value: Most people fear that Bitcoin lacks value because it’s supply is finite but this is a lie as Bitcoins offers a safer, faster, cheaper transaction network. Since people utilise it for transactions, it has value.

5. Bitcoin can be used for illegal activities more than cash: This is a lie because Bitcoin can be easily traced and offers less anonymity than cash. So while criminals prefer cash, investigators prefer Bitcoin as it is easier to catch these criminals.

These excerpts are from his my best selling book “How Bitcoin Changed My Life” now on Amazon. Get a copy.

Do you share similar views with Gaius? If yes what other lie would you like to add to this list? If no what is your take on the topic? Drop your opinions in the comment section

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

How “Use-Case” Inspired Bitfxt Project Success

Building a regulated platform in blockchain generally, would not classify as a walk in the park. It is even more demanding to take up such challenge in this part of the world where technology is obviously still far below average. To make matters worse, the competition globally- with the likes of Binance introducing their DEX, Huobi Exchange,Bittrex, Poloniex and a whole lot of VC-funded projects that make the playing ground very much uneven for local exchanges sprouting from the black continent of Africa.

#BUIDL CLUB provides an exclusive with Franklin Odoemena the CEO BITFXT, an IT firm that developed one of Africa’s leading cryptocurrency exchange platform. BITFXT portrays transparency, trust and user satisfaction.

In this interview,

Frank tells us about how “Use Case” helped him build BITFXT revealing secrets for pursuing a successful carrier within the most populated service area in the ecosystem.

In your own words, what would you say blockchain is?

Blockchain is simply an open, public, decentralized ledger for recording any kind of data and and transactions on the internet such that the records are irreversible and unchangeable.

Your Journey into the fast emerging Technology. When, how and through what means did you hear about Blockchain and Cryptocurrency?

I got interested in the technology when I first heard about bitcoin from a senior colleague in the year 2015. My first perception of it is that it is the future of money and that it has the capacity to become a global currency. I got much more interested in it when I performed my first transaction and discovered how fast and cheap it is… though my inability to purchase from coinbase and and the high exchange rate surcharge I got from a couple of other local exchanges available then made decide to provide a simpler and better solution for Africa, that was the birth of bitfxt.

In what areas of blockchain are you most passionate?

Exchange. I am passionate about providing a simpler solution for storing, buying and selling of cryptocurrencies in a seamless manner. I believe that such solution will hasten the adoption of the technology in developing countries. I have a goal of democratizing Africa financially.

What is Bitfxt?

Bitfxt is an IT firm that deals on deployment and development of software, mobile apps and websites including crypto exchanges, wallets, payment gateways, e-commerce, RFID tracking system, etc on the blockchain. We also aim a pioneering the movement of tokenizing businesses, assets and currencies in Africa.

What challenges or problems have you identified?

In as much as the hype is all over the place but in my own observations, not everyone truly understands the technology. 99% are in for the money and this is the reason why it will take a lot of people unaware.

When I got involved in the tech, I couldn’t find single developer in Nigeria, I couldn’t find a single trader both on the internet and offline, it was super frustrating. I had to outsource my project to a foreign country of which if we had developers, the money we spent would have gotten to the hands of a fellow Nigerian, thereby, improving on the economy.

How will your innovation use the blockchain to solve these problems?

Though we started as an exchange where you can list, save, buy and sell cryptocurrencies but we have grown beyond that to solve other problems. Right now, Bitfxt Technology is more of a decentralized IT firm where you can find professional blockchain developers to take on any project you can imagine. So far, we have developed other solutions such as bitfxt cointracker, bitfxt exchange wallet, bxtcoin, bitfxt vault, and much more coming soon

What milestones do you hope to accomplish in the coming years in the Blockchain Industry?

We want to be known as the largest blockchain IT firm in Africa at large. Lots of people have solutions locked up in their mind but because they dont have the funds and a professional to take on it, they die with the solutions and this is the reason why our coin BXTCOIN, is the official currency of the bitfxt ecosystem. Holders can pay at high discounts using our coin. We also hope to help tokenize Africa and stand as the largest exchange for trading African inspired tokens and coins.

How is your Project contributing to creating blockchain awareness and in turn Mass Adoption?

Our solutions are simple to understand and easy to use, and as such, anybody can easily use them. Our exchange is built with the African market in mind, users can easily connect their wallets to their local bank account in order to buy and sell cryptos and we hope to list more of African inspired projects and list them against other African currencies, I believe this will bring about mass user adoption.

Tell us about your project team?

My project team are made up of people from all works of life who has decided to make a difference in the industry. They are professionals to the core and are highly passionate about the project.

How did you come about the team?

I would say it was by the grace of God. I hand fully picked them one after the other not minding their academic background. I resonate more with passion because passion can drive a man to dare god, so I believe that getting the right people with the right attitude, willingness to learn and commensurate passion mattered more and that is what I go for.

How do you inspire them to give their best?

I try to be a true example of what I expect of them and so, they always pick a cue from my actions, resilience and passion towards the project. I also organize staff meeting once in a while where I ensure share knowledge and inspiration with them. In bitfxt tech limited, we are more of a family and it has helped us bond better.

Despite the obvious hurdles associated with building a start-up, exchanges seem to emerge on a consistent basis. Undoubtedly, most of them do not stand for progress in the ecosystem but those which truly are built with integrity are sure to survive the test of time. One would think this area was already saturated but wait till you hear the name of the next crypto exchange platform in town!

WIBSON Provides a Truly Transparent and Private Data Market

Privacy on the blockchain has been one of the major and outstanding features the 21st century innovation presents its users. Projects are consistently being built on the blockchain with privacy in mind and one of such Projects is Wibson.

Wibson is a decentralized data market place built on the blockchain to enable users promptly and without revealing their identity, trade valid Private information for accuracy.

In the economy presently, high monetary value has been placed on data consciously and unconsciously. But sadly, the owners of these data do not get to share in the financial dividends due them if only they were put into consideration. Only companies with the real or valid knowledge of technical protocols available on the internet, cleverly caption and take control of our personal information and even profit from it.

In line with data security, wibson presents the following to data owners;

Decentralization

Individual control and management of personal data is one of the benefits of having wibson built on the blockchain. It is decentralized and conveys full authority to client/ data owners and thus gives data monetization power to the individual. The wibson app boycuts all third party transactions and relates directly between data seller and buyer while in turn doesn’t store any of your personal data on wibson servers or hosts.

Furthermore, individuals data are also not stored the blockchain. With the use of smart contracts, data encryption takes place preventing data access to the stored data during auditing. What is rather made available for auditing is the encrypted hashes of data. Thus the individual is in full control of his data.

Notaries

In the event of disputes or possible breach in contract between the buyers and sellers of data, the Wibson protocol affords the both parties a Notary. This Notary is a verification system for participants information, trustworthiness and data quality and can be and arbitrator should the need arise. Thus, the notary is quite aware of all the ambients of the deal from start to conclusion between the two parties and this will keep everything running smoothly. Lastly the Notary ensures that every member of the transaction stays committed to the deal as agreed.

Automated Payment Processor

The Wibson Protocol provides an irrevocable connection process of payment for and transfer of data where the the blockchain’s smart contract is clearly the executor. Thus first with the Notary installed to checkmate foul play in the area of data authenticity, the automated payment processor takes and effects the transaction without allowing room for a defaulting party. That way trust is built.

Assuming that there is need for halting the transaction possibly due to dispute in information, the Notary can interrupt a payment transaction.

Transparency and Control

There is nothing as interesting as having control over your property and determining the price at which you would be willing to part with such digital property. This is what Wibson brings to the table. So you have a clearly transparent market place where data buyers and sellers alike, conduct a deal based on their disposition – making a choice of what data to release and in relation to the price.

For further research, please refer to thewhitepaper for further technical details

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding blockchain and cryptocurrency. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regarding investment into cryptocurrency. We are not liable for any outcome based on any content found on the site.

Related

Survey: 40% Freelancers Receive Payments via Cryptocurrency.

Freelancing has become so popular now as people can easily ditch the routine 9-5 hour schedule of the traditional workplace. However, a recent survey conducted by Humans.net has revealed that cryptocurrency is becoming appealing to freelancers. The survey was carried out on 1100 freelancers and revealed that cryptocurrency eliminates the need for a middleman for payments especially for those with international clients.

According to the survey, about 38% of the population surveyed admitted to having used cryptocurrency at a time. On the other hand, 41% had never made use of cryptocurrency while 24% had no idea what cryptocurrency was as they had never heard of it. For most freelancers, the appeal of cryptocurrency is the fact that it aids in faster payment with low cost for international transactions.

The Humans.net survey also found that 29% of freelancers preferred to get crypto payments to being paid through the traditional banking system. 18% of those surveyed revealed that they would prefer to receive their entire income through crypto payments, while 11% said that they would prefer to receive a part of their income in cryptocurrency.

Freelancers find cryptocurrency to be of an advantage to them, it enables them to transact with clients who they may not know or trust. The survey revealed that 13% found it to be an advantage for international payment, 12% considered it a bonus for eliminating middlemen, 8% liked its low commission status. Also, 9% of those surveyed found it advantageous in its transparency, while 11% chose all the qualities mentioned and 4% did not choose any of the qualities.

However, Founder and CEO of Humans.net, Vlad Dobrynin has revealed that they will be integrating the blockchain technology to their freelancing platform. He explained that the technology will help people get faster search result regardless of their geographical location as well as protect users data.

What do you think about freelancers receiving cryptocurrency as payment for their services? Share your opinion with us in the comment section below.

Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.